Retinal Imaging Devices Market is segmented By Type (Fundus Camera, Fluorescein Angiography and OCT (Optical Coherence Tomography)), By End Use (Hospitals, Ophthalmic Centers, ASCs (Ambulatory Surgery Centers) and By Geography.
Ophthalmic Digital Imaging Device aids eye care professionals in assessing, diagnosing, identifying and treating any retinal disorders by utilizing an advanced retinal imaging device that can view the retina up to 0 to 200 degrees by just a single capture. Comparing it to traditional devices which uses full-spectrum white light, advanced ophthalmic digital imaging device uses low-powered laser light where the retinal imaging captures a digital photograph of the back of the eye showing the retina, optic disk, and the blood vessels. This is a very useful equipment for optometrists or ophthalmologists because they can easily determine the patient’s eye illness.
The Global Ophthalmic Digital Imaging Device Market is projected to reach a market size value of USD 6.23 billion by 2031, at a CAGR of 6.6% during the forecast period.
The rapid growth of this market can be owed to factors like, the increasing emergence of retinal disorders globally, increase in the rate of diagnosis and retinal disorders treatment, innovations in the market, and the improving health care infrastructure. There are also challenges faced by this market that can cause the hindrance of growth. These are the stringent regulatory frameworks imposed by medical authorities as well as the government, along with growing concerns on intellectual property rights law.
COVID-19 Impact on the Ophthalmic Digital Imaging Device Market
The challenge lies in the disruption in raw materials supply because it is negatively affecting manufacturers since travel, transport of raw materials, and non-essential trade have been put off in many countries. This in turn affected production, causing a fewer volume of product sales. Ophthalmic Digital Imaging Device suppliers have also experienced backlash because imports and exports in almost all countries have been restricted, if not limited. Availability of labor became a problem too since shutdowns of facilities and operations halted the production of raw materials for equipment used in making Ophthalmic Digital Imaging Device.
Controlling the widespread of the virus is a great challenge to almost all of the countries because many sectors will have to compromise and deal with the negative impact on their sales. Many industries will have to adapt and adopt to the changes that will be imposed upon them by their governments. A massive setback on the growth of the market is the disruption of the supply chain since manufacturing and distribution by key players or companies are being limited, if not, controlled by governments by imposing lock downs and halting travels across borders. Ultimately, the pandemic caused limitations when it comes to man power and rendering of labor services because social distancing is mandatory and viral transmission should be prevented. Man power is an essential factor in the propelling of the market’s growth because manufacturing facilities, and conducting the actual trials and tests for Ophthalmic Digital Imaging Devices cannot function when there’s limited people resources.
Factory shutdowns are also one of the main reasons for restraint in the growth of the market because the stoppage of production and manufacturing caused turmoil in terms of return of investments made by key players. The effect of the virus outbreak has caused a slow down in the investments made in the market. More so, because of the stricter health regulations by authorities, patients are reluctant on going to clinics and hospitals to have their eyes checked because they too are avoiding the possible viral transmission, so social distancing and avoidance on going to these medical facilities are their resort.
Key Findings in the Ophthalmic Digital Imaging Device Market
In terms of type, the market is further segmented into Fundus Camera, Fluorescein Angiography and OCT (Optical Coherence Tomography). With respect to End Use, the market is segmented into Hospitals, Ophthalmic Centers, ASCs (Ambulatory Surgery Centers) and Other End Use.
The Fundus Camera segment registered to have the largest share in the market in 2020 due to the growing number of ophthalmic clinics and mobile eye centers. Fluorescein Angiography on the other hand, is projected to have a rapid growth during the forecast period owing it to the emergence of diabetic retinopathy and application in detection of macular degeneration. In terms of end use, hospitals segment recorded to have the largest share in the market in 2020.
Regional Market Analysis
In terms of regional segmentation, North America is projected to have the largest share accounted for in the market followed by Europe. This is owing to the increasing number of ophthalmic disorders, advanced technology adopted in the ophthalmic digital imaging device market, and the presence of major key players in the said region.
Based on an extensive assessment, these major key players in the ophthalmic digital imaging device market have a competitive landscape and utilizing key strategic developments to lead the industry over the past years until now. These companies are, Topcon Corporation, Carl Zeiss AG, Olympus Corporation, Robert Bosch GmbH (Bosch Healthcare), Revenio Group Oyj (CenterVue SpA), Nikon Corporation (Optos PLC), Optomed PLC, Epipole Ltd., Nidek Co., Ltd., Eyenuk, Inc., Forus Health, Centerveu, and Olympus among others.
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Industry Segmentation and Revenue Breakdown
By Type Analysis (Revenue, USD Million, 2022 - 2031)
• Fundus Camera
• Fluorescein Angiography
• OCT (Optical Coherence Tomography)
By End Use Analysis (Revenue, USD Million, 2022 - 2031)
• Ophthalmic Centers
• ASCs (Ambulatory Surgery Centers)
• Other End Use
Region Analysis (Revenue, USD Million, 2020 – 2031)
• United States
• United Kingdom
• South Korea
• Saudi Arabia
• Rest of World
• United States Ophthalmic Digital Imaging Device Industry Research Report
• Europe Ophthalmic Digital Imaging Device Industry Research Report
• Asia Pacific Ophthalmic Digital Imaging Device Industry Research Report
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